European Stability Mechanism formally approves Greece 3rd bailout
Eurozone finance ministers have formally approved the third bailout for Greece after parliaments in member states supported the move.
“The Board of Governors of the European Stability Mechanism approved today the ESM managing director's proposal for a financial assistance agreement with Greece,” the board said in a statement released on Wednesday.
“Under the terms of this agreement, which the ESM Board of Directors also approved on Wednesday, the ESM will provide up to €86 billion ($95 billion) in financial assistance to Greece over three years,” the statement read, adding that the total amount of financial assistance depends on Greece’s success in implementing policy reforms.
The Board of Governors is comprised of the finance ministers of the 19 countries of the eurozone.
In return for receiving the third bailout, “the Greek government committed to reforms including: restoring fiscal sustainability; safeguarding financial stability; boosting growth, competitiveness and investment; and reforming the public administration,” the statement said.
The key moment for the board occurred when the German lawmakers overwhelmingly voted for a third bailout package on Wednesday amid attempts to turn the Greek economy around.
The first tranche of the third bailout, worth up to €26 billion ($29 billion), will enable Athens to repay €3.4 billion of its debt to the European Central Bank, which is due Thursday.
The Greek Finance Ministry said it would get the first €13 billion payment on Thursday morning to recapitalize its banks.
On August 14, eurozone finance ministers approved Greece’s third debt bailout after Greek parliament endorsed the rescue package following a tough all-night debate.
Greece received two bailouts in 2010 and 2012 worth a total of €240 billion ($272 billion) from its troika of international lenders -- the European Central Bank, the European Commission, and the International Monetary Fund -- following the economic crisis in 2009.
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